China Completes First Blockchain Powered Gasoline ShipmentApr 04, 2018 at 16:14
China’s leading conglomerate, Sinochem Group, has completed the first shipment of gasoline utilizing the blockchain technology.
According to a report from Reuters, Sinochem Energy Technology Co. Ltd., one of the conglomerate’s 300 subsidiaries, successfully exported gasoline shipment from Quanzhou city in China to Singapore.
While specific details of the process were not revealed, the company claimed that it was “the first time that blockchain applications have been applied to all key participants in the commodity trading process.”
However, Sinochem Energy Technology noted that it is not the first blockchain related shipment where the company was involved as the same procedure was employed in December 2017 for importing crude oil from the Middle East.
The company also explained that through digital bill lading and smart contracts, traders could save 20 to 30 percent of financial costs when blockchain is utilized in shipment.
It can be recalled that China has recently become a top importer of crude oil, forcing traders to innovate for cost-effective methods of shipments.
The Sinochem Group also has stakes in energy, chemicals, agriculture, real estate and finance related businesses.